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Fintech significant for financial inclusion in the Philippines

Various presenters at the Seamless Philippines 2018 event talked about how e-wallets, blockchain, and other innovations in finance technology (Fintech) will continue to grow in significance as well as become key drivers in pushing forward financial inclusion in the Philippines.

According to a recent report, over 3,800 entrepreneurs, business executives and professionals gathered for a discussion on digital payments, e-commerce, retail and identity.

By challenging assumptions, reimagining processes and providing enabling tools, Fintech is able to make space for new products and solutions that can connect the unbanked and unserved markets, especially in developing countries like the Philippines, to important government, financial and social services.

According to the 2017 Financial Inclusion Survey (FIS) of the Bangko Sentral ng Pilipinas (BSP), the number of Filipino adults who own an account is estimated at 15.8 million or around 25% of the total adult population.

Ownership of an account that can be used to save money, receive salary, send or receive remittance and pay bills is a basic indicator of financial inclusion.

The organisers have brought in industry disruptors and leaders, featuring 165 speakers in seven theatres, to deliver highly focused presentations and case studies.

A company supplying technology and relevant services to Fintech ecosystem players shared that they see a significant shift in the region to cashless and transparent payments initiatives.

Participating in the event has allowed the company to connect with industry professionals and organisations.

It also gave them the opportunity to showcase their suite of products to enlighten the audience about digital banking, Omni channel experiences, contactless payments, e-wallets and other ways to help them future-proof their payment processes.

Another company present at the event, which is an ATM network providing modern electronic financial products and services to the countryside, discussed how the network builds more financially inclusive system by working with bottom-tiered financial institutions.

The company has been fostering financial inclusion in the Philippines for 35 years by giving rural communities access to modern banking services.

The company hopes that by sharing their key insights and experiences at the event, they will be able to empower more institutions in transforming lives of families in remote towns and provinces through Fintech innovations.

This is important so that no one gets left behind.

A ride-hailing platform announced the local launch of its mobile wallet solution for bills payment and purchases outside the company’s transport services.

The Philippines is the fourth Southeast Asian market introducing the GrabPay innovation.

Government speakers also attended the event to touch on various digital innovations facilitating the improvement of various public services.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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